The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performance is shown net of fees (excluding any subscription fees payable to the distributor). Investors may lose some or all of their capital, as the capital in the UCI is not guaranteed. Access to the products and services presented herein may be restricted for some individuals or countries. Taxation depends on the situation of the individual. The risks, fees and recommended investment period for the UCI presented are detailed in the KIDs (key information documents) and prospectuses available on this website. The KID must be made available to the subscriber prior to purchase.The Fund’s prospectus, KIDs and annual reports are available at
www.carmignac.ch, or through our representative in Switzerland, CACEIS (Switzerland), S.A., Route de Signy 35, P.O. Box 2259, CH-1260 Nyon. The paying agent is CACEIS Bank, Montrouge, succursale de Nyon/Suisse, Route de Signy 35, 1260 Nyon.
Market environment
• In China, economic activity indicators remained in expansionary territory, with the NBS General PMI at 50.5 and July trade data surprising to the upside (exports up +7.2% year-on-year), but retail sales disappointed (up only +3.7% versus +4.6% expected). Despite mixed macro signals, the market performed well overall—particularly A-shares, which rebounded sharply.
• In South Korea, following an exceptional start to the year, equity markets experienced a mild correction, giving back part of their earlier gains.
• In Brazil, markets extended their rally, supported by both attractive valuations and the decline in President Lula’s approval ratings, which were seen as a potential catalyst for more market-friendly policy expectations.